China is our future says Walmart Asia CEO
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China will drive more than half the world’s retail growth over the next decade, Walmart Asia CEO Scott Price has told the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Manila.
Despite slowing economic growth, the world’s largest retailer still believes in the power of the world’s most populous nation, referring to October’s retail sales figures showing 11 per cent year on year growth, and September’s 10.9 per cent.
The Singles Day record set last week of US$14.3 billion further underlined the spending potential of Chinese consumers.
Price highlighted the performance of the company’s wholly-owned Chinese online retail subsidiary Yihaodian on Singles Day which he described as “great’ without revealing data.
He said the company had opted to take full ownership of Yihaodian this year to make the most of the “gamut of opportunities” in the burgeoning online-to-offline (O2O) market where shoppers order online and collect instore.
“We think online-to-offline is critical, as customers look for convenience, and convenience is not just one mode.”
Questions & Answers
Q.What evidence did Scott Price offer to support his belief in China's retail growth potential?
What evidence did Scott Price offer to support his belief in China's retail growth potential?
He cited October's retail sales showing 11% year-on-year growth and September's 10.9% growth. The US$14.3 billion Singles Day record also highlighted Chinese consumers' spending potential.
Q.Why did Walmart decide to take full ownership of Yihaodian this year?
Why did Walmart decide to take full ownership of Yihaodian this year?
Walmart opted for full ownership to capitalise on the numerous opportunities within the growing online-to-offline market. This strategy aims to meet customer demand for convenience across different shopping modes.
Q.Where did Scott Price make these statements about China's retail future?
Where did Scott Price make these statements about China's retail future?
Scott Price, Walmart Asia CEO, shared these insights at the Asia-Pacific Economic Cooperation (APEC) CEO Summit. The summit was held in Manila, where he addressed attendees.